Personal loans are unsecured, so rates are higher (roughly 11% to 24% in India) and tenures shorter (one to five years). Enter the amount, rate and term to see the EMI and the total interest, which is the number to compare between lenders once processing fees are added.
If the EMI is more than 30–40% of your monthly income, consider a smaller loan or a longer tenure, and watch out for flat-rate quotes.
Loan and EMI Calculator
A fixed-rate loan is repaid in equal monthly instalments, called EMIs in many markets. Each payment covers that month's interest first and puts the remainder toward the balance, so early payments are mostly interest and late payments are mostly principal. The loan calculator shows the monthly payment, the total interest over the life of the loan, the payoff date and a year-by-year schedule; switch to the monthly view to see every payment.
Borrowing $25,000 over five years at 7.5% costs about $501 a month and roughly $5,057 in interest. Add an extra $100 a month and the calculator recomputes the schedule: the loan is paid off about eleven months sooner and the interest bill falls by around $1,000. The figures assume monthly compounding and no fees; your lender's quote may differ slightly because of rounding, fees or a different day-count convention.
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Frequently Asked Questions
Why are personal loan rates so high?
The lender has no collateral, so the rate prices the risk of default. Good credit scores and salary accounts with the lender bring the rate down.
What fees should I add?
Processing fees of 1–3%, GST on fees, and prepayment charges. Add them to the amount to see the true cost.
Is a longer tenure better?
It lowers the EMI but raises the total interest. Choose the shortest tenure with an affordable EMI.
